VA Contractors: General (Class A or B) PLUS Advanced
(Class A) | A collection of the common questions and
correct answers (Verified)
What protects a contractor from risk? - ANSWER -Insurance
An ADVANTAGE of a Critical Path Method (CPM) schedule is it... - ANSWER
-Identifies activities that MUST be completed before other activities can occur
What may be covered by an allowance in a contract? - ANSWER -Light fixture
costs
Which of the following is considered ethical behavior? - ANSWER -Failing to
disclose one subcontractor's bid to another
Compensation paid to independent contractors is reported on Form... - ANSWER
-1099
The BEST business practice for special-ordered materials is to... - ANSWER -put
the order requirements in writing
A contract refers to an insurance agreement that the contractor is REQUIRED to
have. This is considered... - ANSWER -Part of the contract
Records of an employee's exposure to hazardous materials MUST be kept a
MINIMUM of how many years? - ANSWER -30 years
AT LEAST how often should employees watch for possible hazards at the job
site? - ANSWER -constantly
An employee can request to receive advance earned income credit on Form... -
ANSWER -W-5
, A contractor uses funds paid by a project owner to purchase materials to start a
different project. The laborers for the original project do NOT get paid by the
contractor. Under the lien law, this is considered... - ANSWER -Intent to defraud
by the contractor
What should be added to wage rates to ensure accuracy in estimating labor for a
project? - ANSWER -Labor burden
What MUST be included in an estimate for a job? - ANSWER -Materials, labor,
equipment, and overhead costs
The 3 PRIMARY elements of a contract are... - ANSWER -offer, acceptance, and
consideration
At LEAST how often MUST an employee report information on the number of
employees and the number of new hires in order to meet the requirements of the
Child Support Enforcement Act? - ANSWER -every 2 months
Costs that relate to construction activity but are NOT easily identifiable for a
specific project are considered... - ANSWER -Project overhead
A reason for using a lower than usual profit markup for a specific project could be
to... - ANSWER -cover company overhead costs
Time card records MUST be kept a MINIMUM of... - ANSWER -4 years
A contractor is about to sign an agreement with a representative of a corporation.
The contractor should... - ANSWER -verify that the representative has the
authority to bind the corporation
Which of the following statements about a sole proprietorship is TRUE? -
ANSWER -The business, or any part of it, can be sold, altered, or exchanged at
will
(Class A) | A collection of the common questions and
correct answers (Verified)
What protects a contractor from risk? - ANSWER -Insurance
An ADVANTAGE of a Critical Path Method (CPM) schedule is it... - ANSWER
-Identifies activities that MUST be completed before other activities can occur
What may be covered by an allowance in a contract? - ANSWER -Light fixture
costs
Which of the following is considered ethical behavior? - ANSWER -Failing to
disclose one subcontractor's bid to another
Compensation paid to independent contractors is reported on Form... - ANSWER
-1099
The BEST business practice for special-ordered materials is to... - ANSWER -put
the order requirements in writing
A contract refers to an insurance agreement that the contractor is REQUIRED to
have. This is considered... - ANSWER -Part of the contract
Records of an employee's exposure to hazardous materials MUST be kept a
MINIMUM of how many years? - ANSWER -30 years
AT LEAST how often should employees watch for possible hazards at the job
site? - ANSWER -constantly
An employee can request to receive advance earned income credit on Form... -
ANSWER -W-5
, A contractor uses funds paid by a project owner to purchase materials to start a
different project. The laborers for the original project do NOT get paid by the
contractor. Under the lien law, this is considered... - ANSWER -Intent to defraud
by the contractor
What should be added to wage rates to ensure accuracy in estimating labor for a
project? - ANSWER -Labor burden
What MUST be included in an estimate for a job? - ANSWER -Materials, labor,
equipment, and overhead costs
The 3 PRIMARY elements of a contract are... - ANSWER -offer, acceptance, and
consideration
At LEAST how often MUST an employee report information on the number of
employees and the number of new hires in order to meet the requirements of the
Child Support Enforcement Act? - ANSWER -every 2 months
Costs that relate to construction activity but are NOT easily identifiable for a
specific project are considered... - ANSWER -Project overhead
A reason for using a lower than usual profit markup for a specific project could be
to... - ANSWER -cover company overhead costs
Time card records MUST be kept a MINIMUM of... - ANSWER -4 years
A contractor is about to sign an agreement with a representative of a corporation.
The contractor should... - ANSWER -verify that the representative has the
authority to bind the corporation
Which of the following statements about a sole proprietorship is TRUE? -
ANSWER -The business, or any part of it, can be sold, altered, or exchanged at
will
